Perhaps the most talked about announcement is the increase in Stamp Duty Land Tax (SDTL) on those properties purchased as a second home or a buy to let property….. but there are other announcements to be taken note of…..
We have prepared a summary of the Autumn Statement which details the announcements made on 24th November which we have emailed to all our clients and professional contacts. The summary covers the scrapping of the proposed changes to tax credits, as you will recall the proposal was rejected by The House of Lords in October, at a cost of £3.4bn to The Treasury. In addition the dates for the contribution rate increases under Auto Enrolment have been pushed back to align to the tax years in 2017 and 2018, this will save The Treasury some £840m in tax relief. ISA limits will remain at the same level as 2015/2016, £15,240.
As widely anticipated, there was no announcement at all around the Green Paper in Consultation with regards to pension tax relief. The Chancellor confirmed that any changes would be announced at the Budget Statement in March 2016. The jury is still out as to the most likely format of the changes, but the jurors seem to be agreed that the changes will be significant. Early planning, and certainly before April, is therefore uppermost in many people’s minds as we enter the festive season this week.
Please do take a look at our Autumn Statement Summary, and if there is anything contained therein, upon which you would like more information, clarity, or advice, do let us know.
